Tax reform has led to confusion over some of the changes to longstanding deductions, including the deduction for interest on home equity loans. The IRS
Recharacterization of IRA contributions An individual who makes a contribution to a regular or Roth IRA can recharacterize it as made to the other type of
The sweeping changes of recent tax reform may impact the choice of how business taxpayers maintain their financials, specifically regarding the cash vs accrual methods
In a like-kind exchange, a taxpayer doesn’t recognize gain or loss on an exchange of like-kind properties if both the relinquished property and the replacement
The Tax Cuts and Jobs Act (TCJA) imposes a limit on deductions for business interest for taxable years beginning in 2018. The limit, like other
Many nonprofits are poised to grow, but recognize risks More than three-quarters of nonprofits are at least “somewhat likely” to pursue growth through expanded fundraising
Most nonprofits are understandably laser-focused on their mission, and other, seemingly less-critical matters may fall between the cracks. But if the finance function does not
When President Trump signed the massive federal income tax overhaul into law on December 22, 2017, much was made of nonprofits’ understandable concern that the
Nonprofits nationwide are increasingly considering shared workspace arrangements to lower rising facility costs. These arrangements are particularly appealing in areas where nonprofits are being priced
Under the pre-Act rules, you could deduct interest on up to a total of $1 million of mortgage debt used to acquire your principal residence
Before the Tax Cuts and Jobs Act, a second tax system called the alternative minimum tax (AMT) applied to both corporate and noncorporate taxpayers. The
The Tax Cuts and Jobs Act (TCJA) should provide a substantial tax benefit to individuals with “qualified business income” from a partnership, S corporation, LLC
The Tax Cuts and Jobs Act makes changes to the general business credit by adding a new component credit for paid family and medical leave,
A 529 plan distribution is tax-free if it is used to pay “qualified higher education expenses” of the beneficiary (student). Before the TCJA made these
Before Tax Rerfom changes were effective, individuals were permitted to claim the following types of taxes as itemized deductions, even if they were not business
Current rules Under the current rules, an individual who pays alimony may deduct an amount equal to the alimony or separate maintenance payments paid during
Under pre-Act law, the child tax credit was $1,000 per qualifying child, but it was reduced for married couples filing jointly by $50 for every
Before the TCJA, individuals could claim as itemized deductions certain personal casualty losses, not compensated by insurance or otherwise, including losses arising from fire, storm,
Starting in 2019, the TCJA has eliminated the shared responsibility payment, more commonly known as the “individual mandate,” that penalizes individuals who are not covered
Congress is enacting the biggest tax reform law in thirty years, one that will make fundamental changes in the way you, your family and your
On December 20, the House passed the reconciled tax reform bill, commonly called the “Tax Cuts and Jobs Act of 2017” (TCJA), which the Senate
